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20120926
20121004
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people -- in your campaign -- a balanced budget by 1983. biggerow had more and deficits in the 4 years you've been in office. mr. president, do you have a secret plan to balance the budget sometime in a second term, and if so, would you lay out that plan for us tonight? the president. >> i have a plan -- not a secret plan. as a matter of fact, it is the economic recovery program that we presented when i took office in 1981. it is true that earlier, working with some very prominent economists, i had come up, during the campaign, with an economic program that i thought could rectify the great problems confronting us -- the double-digit inflation, the high tax rates that i think were hurting the economy, the stagflation that we were undergoing. before even the election day, something that none of those economists had even predicted had happened, that the economy was so worsened that i was openly saying that what we had thought on the basis of our plan could have brought a balanced budget -- no, that was no longer possible. so, the plan that we have had and that we are following is a plan
deficit spending. so this idea, look, overseas, which where i come from means lake superior. we both live near canada, right? the canadians have this figured out. the canadians lowered their taxes to 15%. president obama wants to tax our successful small businesses to go above 40%? when we tax our job creators at much higher tax rates than our foreign competitors tax theirs, they win, we lose. we have to get right with the idea that our jobs come from successful small businesses. we don't want to tax them more, we don't want to regulate them more, we want them to hire more. that is essential. [applause] and none of this is going to work. no business is going to be confident to take that risk to hire people, to advance people, to give people promotions and raises and job security if they see their government borrowing and spending like it is. we can't keep borrowing 36 cents of every dollar our government spends. we can't keep the federal reserve doing what it's doing. we cannot keep looking our children in the eyes knowing that we're going to give them a diminished future because we are s
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